SPX Technologies (NYSE: SPXC) received a downgrade from a “buy” rating to a “hold” rating by equities research analysts at Wall Street Zen in a report released on Friday. This shift comes alongside various updates from other analysts regarding the company’s stock performance, reflecting a mix of sentiment in the market.
UBS Group recently raised its price target for SPX Technologies from $182.00 to $210.00, maintaining a “buy” rating. Similarly, Oppenheimer increased its target from $170.00 to $197.00, assigning an “outperform” rating in a report dated July 8, 2023. Weiss Ratings reaffirmed a “hold (C+)” rating on September 27, 2023. Currently, one investment analyst rates the stock as a Strong Buy, four analysts classify it as Buy, and one analyst suggests a Hold. According to MarketBeat.com, SPX Technologies holds an average rating of “Buy” with a consensus target price of $195.20.
Current Stock Performance and Financial Results
On Friday, SPX Technologies shares opened at $190.13. The stock has experienced a 52-week low of $115.00 and a high of $209.38. Financial metrics reveal a quick ratio of 1.28, a current ratio of 1.97, and a debt-to-equity ratio of 0.62. The company boasts a market capitalization of $8.89 billion, a price-to-earnings ratio of 42.72, a PEG ratio of 1.62, and a beta of 1.37.
SPX Technologies recently reported its earnings results on July 31, 2023. The company achieved earnings per share (EPS) of $1.65, exceeding analysts’ consensus estimates of $1.45 by $0.20. The firm generated revenue of $552.40 million for the quarter, slightly surpassing the consensus estimate of $546.03 million. This represents a 10.2% increase in revenue compared to the same quarter from the previous year. The company’s guidance for fiscal year 2025 targets EPS between $6.350 and $6.650, while sell-side analysts forecast an average EPS of 5.57 for the current year.
Institutional Investment Trends
Recent activity among institutional investors has influenced SPX Technologies’ stock dynamics. Several hedge funds have either added to or reduced their positions in the company. For instance, NBC Securities Inc. purchased a new position valued at approximately $27,000 during the first quarter. Twin Peaks Wealth Advisors LLC acquired a new stake worth $31,000 in the second quarter. MAI Capital Management increased its holdings by 80.9% during the same period, now owning 208 shares valued at $35,000 after acquiring an additional 93 shares.
Eastern Bank also entered a new stake worth $38,000 in the first quarter, while SVB Wealth LLC invested approximately $39,000 during that same timeframe. Currently, institutional investors and hedge funds hold approximately 92.82% of SPX Technologies’ stock.
SPX Technologies, Inc. provides infrastructure equipment for heating, ventilation, and cooling (HVAC) sectors, as well as detection and measurement markets worldwide. The company operates in two segments: HVAC and Detection and Measurement. The HVAC segment focuses on engineering, designing, manufacturing, installing, and servicing cooling products and engineered air movement solutions for industrial and power generation markets, in addition to residential and commercial heating and ventilation products.
These developments reflect a dynamic landscape for SPX Technologies, as the company navigates evolving market conditions and investor sentiment.